13 Units!!! Little Havana
Here are all the details:
Property address: 67 Glen Royal Pkwy, Miami FL 33125 - featuring a total of 13 doors.
It's an ALL CASH DEAL valued at $2.6M. (investors are paying around $200k a door for properties in this area)
The seller is ready to take a step back and relax, as he's getting older. This presents a great opportunity for you all to make a move and maximize the potential of this property.
Currently, the rents are below market value, which means there is significant room for adding value and increasing cash flow!
Let's take a closer look at the unit mix:
Four - 2 beds/1 bath ( $2k each in rental income).
Five - 1 bed/1 bath ( $1.5k each in rental income).
Four - studios ($1k each in rental income).
In total, the monthly rental income is $19,500. The expenses are relatively low because the property is currently self-managed by the seller. There's also a laundry facility that generates income, and we're working on obtaining the exact income figures. The seller has updated some of the units and the roof is approximately 5-6 years old. Additionally, there's minimal parking available in the rear of the property.
Looking at the market, the average rents in the area are as follows:
2 beds: $2300
1 bed: $2000
Studios: $1800
The seller is responsible for taxes ($18,000/year), water ($3600), and insurance (exact amount is being confirmed). Tenants are responsible for utilities, excluding water. Please inbox if you are interested.